Quarterly report pursuant to Section 13 or 15(d)

Stock Options

v3.10.0.1
Stock Options
 9 Months Ended
Sep. 30, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Options

 

Note 12. Stock Options

The following table summarizes the outstanding stock option activity during the periods indicated:

 

 

 

Number

of shares

 

 

Weighted

average

exercise

price

 

 

Weighted

average

remaining contractual term

 

Balance at December 31, 2017

 

 

1,203,627

 

 

$

7.06

 

 

 

8.10

 

Granted

 

 

998,800

 

 

 

9.90

 

 

 

7.33

 

Exercised

 

 

(297,719

)

 

 

2.07

 

 

 

0.91

 

Expired/Forfeited

 

 

(425,054

)

 

 

11.87

 

 

 

0.04

 

Balance at September 30, 2018

 

 

1,479,654

 

 

$

8.60

 

 

 

8.26

 

Vested and exercisable at September 30, 2018

 

 

488,427

 

 

$

5.83

 

 

 

6.91

 

Vested and expected to vest at September 30, 2018

 

 

1,479,654

 

 

$

8.60

 

 

 

8.26

 

 

 

 

The weighted average grant date fair value of options granted during the nine months ended September 30, 2018 and for the year ended December 31, 2017 was $3.98 and $6.02, respectively. For fully vested stock options, the aggregate intrinsic value as of September 30, 2018 and December 31, 2017 was $3,778,754 and $3,596,624, respectively. For stock options expected to vest, the aggregate intrinsic value as of September 30, 2018 and December 31, 2017 was $3,449,919 and $1,469,154, respectively.

At September 30, 2018 and December 31, 2017, there was $3,244,431 and $2,453,342, respectively, of total unrecognized compensation cost related to unvested stock options granted under the Company’s equity plans. That cost is expected to be recognized over the next three years and is based on the date the options were granted.

The Company currently uses authorized and unissued shares to satisfy share award exercises.